Markets Right Now: US stocks struggle to a mixed finish
NEW YORK (AP) — The latest on developments in financial markets (all times local):
Stocks struggled to a mixed finish on Wall Street as steep drops in Kohl’s and Home Depot offset gains elsewhere in the market.
Kohl’s plunged 19.5% Tuesday after turning in dismal results and cutting its forecast for the year. Home Depot gave up 5.4% after its own results also disappointed investors.
Technology and health care stocks rose broadly, however, leaving major indexes mixed. Broadcom added 2.1% and Amgen rose 1.7%.
The S&P 500 lost 1 point to 3,120. The index spent much of the day wobbling between gains and losses.
The Dow Jones Industrial Average fell 102 points, or 0.4%, to 27,934.
The Nasdaq climbed 20 points, or 0.2%, to 8,570, another record high.
Bond prices rose. The yield on the 10-year Treasury fell to 1.78%.
Steep drops in Kohls, Macy’s and other retailers were keeping gains for major indexes in check, offsetting good showings in other sectors.
Home Depot gave up 5% in midday trading Tuesday after reporting weak sales for the latest quarter and cutting its forecast for the year.
Kohl’s plunged 17.8%, dragging other department stores with it, after cutting its own forecast for the year.
Technology and health care stocks rose broadly, however, leaving major indexes mixed. Broadcom added 3.2% and Biogen rose 2%.
The S&P 500 was little changed at 3,121.
The Dow Jones Industrial Average fell 107 points, or 0.4%, to 27,933. The Nasdaq climbed 25 points, or 0.3%, to 8,575.
Bond prices rose. The yield on the 10-year Treasury fell to 1.79%.
Technology companies and banks are leading stocks slightly higher in early trading on Wall Street.
Broadcom rose 3.5% in the first few minutes of trading Tuesday, and Citigroup rose 1%.
Several big retailers were making big moves after reporting their latest results.
TJX rose 1.8% after turning in a solid report card, but Kohl’s plunged 14.5% after its earnings fell far short of what analysts were looking for. Home Depot sank 4.2% after issuing a weak forecast.
The S&P 500 rose 2 points, or 0.1%, to 3,124.
The Dow Jones Industrial Average added 22 points, or 0.1%, to 28,056. The Nasdaq climbed 23 points, or 0.3%, to 8,573.
Bond prices didn’t move much. The yield on the 10-year Treasury held steady at 1.80%.